Pure Storage (NYSE:PSTG) Price Target Raised to $93.00

Pure Storage (NYSE:PSTG) had its price objective hoisted by equities researchers at Guggenheim from $72.00 to $93.00 in a research report issued on Thursday, MarketBeat reports. The firm presently has a “buy” rating on the technology company’s stock. Guggenheim’s target price would indicate a potential upside of 62.84% from the company’s previous close.

A number of other analysts have also issued reports on the stock. Susquehanna reissued a “positive” rating and issued a $80.00 price target on shares of Pure Storage in a research report on Monday, August 26th. Stifel Nicolaus decreased their target price on shares of Pure Storage from $65.00 to $60.00 and set a “hold” rating for the company in a research note on Thursday, August 29th. Citigroup dropped their price target on shares of Pure Storage from $75.00 to $67.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Northland Securities reissued a “market perform” rating and set a $59.00 price objective (down previously from $68.00) on shares of Pure Storage in a research report on Thursday, August 29th. Finally, Lake Street Capital dropped their target price on Pure Storage from $70.00 to $68.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.05.

Pure Storage Price Performance

Shares of NYSE:PSTG opened at $57.11 on Thursday. The company’s fifty day moving average is $53.14 and its two-hundred day moving average is $56.90. The company has a quick ratio of 1.96, a current ratio of 1.99 and a debt-to-equity ratio of 0.07. Pure Storage has a 12-month low of $31.00 and a 12-month high of $70.41. The company has a market cap of $18.71 billion, a P/E ratio of 142.78, a price-to-earnings-growth ratio of 8.45 and a beta of 1.11.

Pure Storage (NYSE:PSTG) last issued its quarterly earnings results on Wednesday, August 28th. The technology company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.10. The business had revenue of $763.77 million for the quarter, compared to the consensus estimate of $756.59 million. Pure Storage had a return on equity of 17.41% and a net margin of 4.53%. Equities analysts expect that Pure Storage will post 0.43 earnings per share for the current fiscal year.

Insider Transactions at Pure Storage

In related news, insider John Colgrove sold 100,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $61.76, for a total transaction of $6,176,000.00. Following the completion of the sale, the insider now owns 700,000 shares in the company, valued at $43,232,000. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CAO Mona Chu sold 20,647 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $51.50, for a total transaction of $1,063,320.50. Following the transaction, the chief accounting officer now owns 75,992 shares in the company, valued at approximately $3,913,588. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John Colgrove sold 100,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $61.76, for a total transaction of $6,176,000.00. Following the transaction, the insider now directly owns 700,000 shares of the company’s stock, valued at $43,232,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 454,542 shares of company stock worth $24,282,030. Company insiders own 6.00% of the company’s stock.

Hedge Funds Weigh In On Pure Storage

Several institutional investors and hedge funds have recently added to or reduced their stakes in PSTG. Massmutual Trust Co. FSB ADV grew its holdings in shares of Pure Storage by 61.2% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 424 shares of the technology company’s stock worth $27,000 after purchasing an additional 161 shares in the last quarter. Harbour Investments Inc. boosted its stake in Pure Storage by 3.0% during the second quarter. Harbour Investments Inc. now owns 6,912 shares of the technology company’s stock worth $444,000 after buying an additional 202 shares in the last quarter. Michael S. Ryan Inc. boosted its stake in Pure Storage by 4.8% during the second quarter. Michael S. Ryan Inc. now owns 4,542 shares of the technology company’s stock worth $292,000 after buying an additional 208 shares in the last quarter. Bank Pictet & Cie Europe AG increased its holdings in Pure Storage by 3.2% in the 2nd quarter. Bank Pictet & Cie Europe AG now owns 7,202 shares of the technology company’s stock valued at $462,000 after buying an additional 223 shares during the period. Finally, Hanseatic Management Services Inc. raised its stake in shares of Pure Storage by 2.4% in the 2nd quarter. Hanseatic Management Services Inc. now owns 12,579 shares of the technology company’s stock valued at $808,000 after buying an additional 296 shares in the last quarter. 83.42% of the stock is currently owned by institutional investors.

About Pure Storage

Pure Storage, Inc engages in the provision of data storage and management technologies, products, and services in the United States and internationally. Its Purity software is shared across its products and provides enterprise-class data services, such as always-on data reduction, data protection, and encryption, as well as storage protocols, including block, file, and object.